Arizona OKs $500M funding for Chase Field upgrades

    0
    1

    The Arizona Diamondbacks are nearing a significant milestone in their efforts to secure substantial funding for renovating Chase Field, their downtown stadium. The team is on the verge of obtaining up to $500 million for necessary upgrades and improvements to the facility, which has been their home since 1998.

    Recently, the Arizona House of Representatives voted affirmatively, with a 35-20 margin, to pass House Bill 2704. This legislation is designed to harness sales tax revenue generated by the stadium and surrounding buildings over a span of 30 years. The funds collected will be reinvested back into the stadium’s infrastructure, ensuring that the retractable roof venue remains a premier sporting and entertainment facility. Chase Field is currently under the ownership of the Maricopa County Stadium District.

    For the bill to become law, it now requires the signature of Governor Katie Hobbs, who has expressed her support for the initiative. Hobbs publicly acknowledged her excitement on social media, stating that the legislation not only keeps the Diamondbacks playing in Phoenix but also fosters job creation. She highlighted the cooperative efforts of bipartisan elected officials, business, and labor leaders who collaborated with her office to realize this achievement.

    In addition to the expected $500 million from tax revenue, the Diamondbacks organization has pledged to contribute $250 million of its own funds towards the stadium’s renovation. According to team president Derrick Hall, several essential upgrades are needed in the nearly three-decade-old stadium, specifically the air conditioning system, which is crucial for maintaining a comfortable environment during Phoenix’s intensely hot summer months.

    The Diamondbacks’ lease with Maricopa County is slated to expire in 2027. Hall expressed his enthusiasm following the legislative approval of HB2704, calling it a monumental victory for both the sport of baseball and Diamondbacks fans. Anticipating Governor Hobbs’s signature, he mentioned the team’s eagerness to negotiate a lease extension with the Maricopa County Board of Supervisors, aiming to modernize and renovate Chase Field to meet the expectations of its fervent fan base.